Melbourne’s Monash University has been named one of 10 global winners of the Algorand Centres of Excellence (ACE) Program. The prize is a shared US$50 million funding boost to drive eco-friendly blockchain technology, education and innovation.
Two Key Apps in Development
Monash’s Blockchain Technology Centre will partner with the Singapore-based Algorand Foundation to jointly develop two applications: a blockchain-as-a-service app for academic credentialing, as well as a prototype for blockchain as a pharmaceutical supply chain provider.
Joseph Liu, associate professor and director of the Monash Blockchain Technology Centre, has expanded on the future functions of these apps. The academic credentialing app aims to develop and explore a blockchain-enabled trusted credential issuance and verification system, while the second project will navigate the possibilities of leveraging blockchain technology to provide a robust, transparent, and accountable pharmaceutical supply chain.
Though associated primarily with cryptocurrency, blockchain technologies can actually be used in diverse sectors such as strengthening renewable energy optimisation, providing a fair platform for carbon trading, creating robust supply chains for food and agriculture, securing financial technologies, and ensuring cultural sustainability for heritage art and music.
Joseph Liu, associate professor and director, Monash Blockchain Technology Centre
The Algorand Foundation seeks to develop a global blockchain ecosystem, and its Grant and Development Award funding mechanisms have supported other education and research projects in academia. Monash is only one branch of Algorand’s endeavours; not only will it connect Australia with Pacific communities through consultation and training workshops, competitions and community meetups, it will also provide support, opportunities and resources to ensure long-term community sustainability beyond the lifetime of the ACE Program.
Algorand and Blockchain Emissions
This isn’t Algorand’s first notable partnership. In May 2022, $ALGO, the company’s native currency, spiked after the announcement of an International Federation of Association Football (FIFA) sponsorship and technical partnership deal. As FIFA’s official blockchain platform, Algorand will provide a blockchain-supported wallet, develop FIFA’s NFTs, and help implement further blockchain tech. On the day following the announcement, $ALGO jumped from US$0.58 to $0.73, a 25 percent gain.
Last month saw the National Australia Bank (NAB) announce its participation in a new project alongside several overseas banks to use blockchain technology to offset carbon emissions. The Canadian Imperial Bank of Commerce, the UK’s bank and insurance company NatWest, and Brazil’s Itaú Unibanco will join NAB to launch Project Carbon – a voluntary pilot that will enter the carbon marketplace.